M&M to launch three more versions of Bolero
Mumbai: Mahindra & Mahindra (M&M) is set to
launch three new variants of its utility vehicle Bolero to boost its market in the urban
segment. The company has also launched a new vehicle - Mahindra Maxx in the same
range as Telcos Spacio, which has recently made inroads into the rural markets. The
Maxx would be replacing the 10-seater Marshal.
To broadbase the demand for Bolero GLX, the
company is launching a cheaper version - Bolero LX - which will be available without power
windows, central locking system and music system. The company is also introducing the
Bolero LX RC without the power steering, for the government market. After the launch the
Scorpio in the top end later this year, M&M has decided to come out with a high-end
Bolero, a seven-seater, which will also be on the roads soon.
The new models are expected to boost M&Ms volumes, which are otherwise shrinking
due to the general slowdown. Although M&Ms February sales at 5,940 units were
higher than the previous month, the volumes have declined during this fiscal. During
April-January, the company sold 46,037 vehicles against 57,014 units in the year-ago
period.
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MUL to
diversify into services sector
New Delhi: Maruti Udyog Ltd. (MUL) will soon
diversify into the booming services sector, including auto insurance and used car business
and has earmarked Rs 16 crore for launching the project. The new diversification project
will be rolled out within the next six months. The diversification into services will
cover four sectors - automobile insurance, used-car business, corporate lease and fleet
management and auto finance, as per the recommendations made by consultant A T Kearney.
Maruti already has in operation a call-centre programme, in alliance with G E Capital to
provide information on its vehicles, sales outlets, workshops as well as various finance
schemes to people. The call centre business is believed to part of the company's plan to
move into newer areas to serve its customers better and boost sales. MUL also has separate
auto finance joint ventures- Maruti Countrywide Finance and Citicorp Maruti Finance.
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Kanoria Chem to foray
into power generation
New Delhi: Kanoria Chemicals, a S S Kanoria
group company, has said that it will adopt strategic focus on expanding its interests in
the power sector and invest Rs 250 crore over the next three years in power generation
projects. The company proposes to set up independent power projects in the country and is
reportedly soon signing a memorandum of understanding (MoU) with a state government to set
up a coal-based mini power plant. The company plans to set up mini power projects of
25-100 mw capacity. The company already has two captive plants generating total capacity
of 27 mw.
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Le Meridien opens its sixth
hotel at Kochi
Kolkata: Le Meridien has opened its sixth hotel
in the country at Kochi. The hotel, which has 150-rooms and a convention centre is part of
groups expansion plan of owning 20 property in the country by 2004. The premier
hotel group has also introduced a toll-free domestic booking number, 1600 11 6006 and an
international booking number of 1600 111 290 to enable its potential customers to make
bookings at any of the group's hotels in India and abroad over telephone, the release
said. Le Meridien has a global portfolio of about 150 hotels in 55 countries worldwide and
an annual turnover of over $2 billion.
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MMT to set
up a global facility in Bangalore
Bangalore: MMT, the US-based diversified
imaging giant is planning to invest $7 million in its seventh global production facility
in Bangalore. The company has already invested $5 million in the 48,000 sq. ft Bangalore
facility this January and plans to further invest another $2 million in 2002. MMT plans to
use the India centre for the domestic market as well as source development work for Saarc,
parts of Middle East, Africa and East European customers.
MMT, which has patented digital imaging technology for automotive grade acrylic paint to
create 'true-to-life' durable outdoor images, entered the India by acquiring 65 per cent
stake in a Selvel's inkjet subsidiary Megacell Digital in October '99 for $1.3 million.
MMT offers a twin range of products - the conventional inkjet digital images and its own
new version. The opening of the Bangalore centre will enable the company to slash its
prices from Rs 140-160 per sq. ft of the billboard area to Rs 100-120.
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Rallis readies for
restructuring exercise
Mumbai: Rallis India, a Tata group company has got into the revamp mode. The company
has engaged Tata Strategic Management Group and Eicher Consultancy Services to give to put
together a restructuring plan. Under the plan yet to be finalised, the Rallis is likely to
consider exiting from some of the existing businesses besides foraying into new related
areas. The restructuring exercise would also include reorganising manufacturing operations
and finances, and selling idle assets.
The company, India's largest player in
seeds has reportedly formed a total of eight task forces across levels and functions,
working on different aspects of strategy. The strategic blueprint is to be finalised by
the end of this financial year.
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Sify bags
best ISP award
Chennai: Satyam Infoway Ltd. has bagged the `ISP of the
Year' award at the second annual Internet World Asia Industry Awards, 2001. The award has
been conferred for excellence based on strategic vision, innovation, customer service,
bandwidth performance and connectivity. Mr. Michael Westcott, managing director, Penton
Media Asia, presented the award to Mr. R. Ramaraj, CEO and managing director, Satyam
Infoway, at a function held in Singapore recently.
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Syngenta
to merge Zeneca subsidiaries
Pune: Syngenta India, a 51 per cent equity subsidiary of
$7.3 billion Syngenta AG, Switzerland, has formed an internal management team to evaluate
the possibility of merger of its two fully owned subsidiaries, Zeneca Agrochemical and
Zeneca Biosciences, with itself. The merger move, which will bring together portfolios of
the three companies is expected to be taken sometime this year.
Syngenta India was formed at the same
time when its parent was floated in November 2000 with the merger of the agri-businesses
of Novartis AG and AstraZeneca Plc. Syngenta India's likely merger with the two group
companies will be in line with the global mergers. As a prelude to the merger, Zeneca
Agrochemical is being renamed as Syngenta Crop Protection, while Zeneca Biosciences will
be called Syngenta Biosciences.
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